An executor or administrator in England and Wales is financially liable if they have a breach of duty and it results in financial loss, even when it was just an honest mistake. Are there any differences between being an executor, an administrator, or a personal representative? The difference is based on whether or not there was a will. If there is a will then a personal representative is called an executor. If no will exists, then the personal representative is called an administrator.
The person that is responsible for handling a deceased person’s assets is known as a personal representative. The deceased person’s estate includes their investments, property and other items of value. Because the personal representative has been charged with legal authority they also are responsible for correctly administering the estate and they can be held accountable if they make any mistakes.
Have You Been Selected to be an Executor of an Estate?
If the will of a deceased person has named you as such then you will be the estate’s executor. When a person dies with no will in place, there are some strict laws called the Rules of Intestacy that will determine who the administrator will be. These rules also govern how the estate will be distributed.
The Responsibilities and Duties of an Executor Explained
If you find yourself appointed as executor in a will it can mean having time-consuming duties that are often complicated to manage and it can take as long as a year to complete the process. Since an executor is legally responsible for the administration of the estate, it is very important things are done right and in accordance with the law and the terms of the will. The executor will be held responsible for the things they do and the things they … Continue reading >>>